M&A · Healthcare · Pharmaceutical Preparations
Novartis AG to acquire Avidity Biosciences, Inc.
Announced Oct 26, 2025 · Closed Feb 27, 2026
Deal value$12.00BEV $9.02B
Premium46.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$72.00 per share
Transaction
- Acquirer
- Novartis AG (NVS)
- Target
- Avidity Biosciences, Inc. (RNA)
- Buyer type
- Strategic
- Offer price per share
- $72.00
- Enterprise value
- $9.02B
- Status
- Closed Feb 27, 2026
Deal protections
- Break fee (target pays)
- $450M · 3.8%
- Reverse fee (buyer pays)
- $600M · 5.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs, Barclays
Sector context · Healthcare
- Comparable deals
- 96 in the prior 24 months
- Premium
- 46.0% vs. 59.5% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.8% vs. 3.3% sector median
Timeline
- AnnouncedOct 26, 2025
- Proxy filedNov 24, 2025
- Definitive proxyJan 30, 2026
- Shareholder voteFeb 26, 2026
- ClosedFeb 27, 2026
Valuation · fairness opinions
Analyst price targetsGoldman Sachs$66.00$79.00
Precedent transactionsGoldman Sachs$67.00$80.00
Discounted cash flowBarclays$63.87$75.36
Premiums paidBarclays$67.00$84.00
52-week trading rangeBarclays$62.00$77.00
Analyst price targetsBarclays$53.00$96.00
Offer $72.00
Implied value per Avidity Biosciences, Inc. share by analysis, from Goldman Sachs and Barclays · DCF discount rate 15%–17%.